The mortgage industry is adjusting to drastic market changes. Volume declines, macro global trends (i.e. war, supply chain) and the economy (i.e. inflation, rising rates) remain in our purview, adding to the uncertainty across industries. To realign with current volumes and offset rising costs, many have turned to staff reduction, evidenced by a survey of lenders at a recent…
There is certainly talk of lenders being ready to move the automation needle, but how many have actually made the leap? Hiring additional resources continues to be the go-to strategy for managing current volumes, with mortgage leaders not ready to admit they should have done the vendor/technology research months ago (perhaps even years ago) to gain efficiencies. In my last…
What a year it has been. You’ve been busy, we know it. It’s part of the reason all those vacation days have gone largely unused. I know mine have. But now there are just six short weeks left in 2020, some of which, I am certain, will be spent recharging during the holidays. The question is, is your organization prepared…
If hindsight is 20/20, much of the mortgage industry is probably looking back at two thousand and twenty wishing they had even more automation in place to handle what we all just experienced. One would now expect this to result in a rapid deployment of digital labor across all areas of the mortgage life cycle as we finish out the…
The idiom, “it all comes out in the wash”, according to one of two Merriam Webster definitions, is used to say that the truth will be known in the future. The same can be said about what will come out in an effective loan quality management process. Pre close reviews can be thought of as “pretreatment” of loan file data…
For many small to mid-sized lenders the decision to insource vs outsource quality control (QC) tends to weigh heavily on resource capacity, skillset and cost. For over 15 years I’ve talked with hundreds of lenders about the reasons they choose one over the other and their answers may or may not surprise you. Many say they don’t have the expertise,…
